Business
Private Placement - Eric Sprott to Take 2,500,000 Units
(via TheNewswire) June 2, 2020 - TheNewswire - Victoria, BC - Silver Grail Resources...
About this update from Silver Grail Resources Ltd.
[{"type":"text","content":"Private Placement - Eric Sprott to Take 2,500,000 Units(via TheNewswire)\n\n \nJune 2, 2020 - TheNewswire - Victoria, BC - Silver Grail Resources Ltd. (\"Silver Grail\") (TSXV:SVG) (OTC:SVGAF) (Frankfurt:KD7) announces that it intends to complete a non-brokered private placement consisting of the issuance of up to 4,000,000 units (\"Units\") at a price of $0.10 per Unit for gross proceeds of up to $400,000 subject to the approval of the TSX Venture Exchange. Each Unit will consist of one common share (\"Common Share\") and one-half a Common Share purchase warrant (\"Warrant\"). Each Warrant is exercisable into one Common Share at a price of $0.15 for a period of one year from closing. The Warrants are subject to acceleration at the Company's discretion in the event the Company's common shares trade on a volume weighted average price (VWAP) basis of $0.20 or more for a period of ten consecutive trading days.\n\n \n \nEric Sprott has agreed to subscribe for a minimum of 2,500,000 Units. Assuming the additional 1,500,000 Units are subscribed for by other parties, at the completion of the placement Eric Sprott will beneficially own 2,500,000 common shares and 1,250,000 warrants representing approximately 7.7% on a non-diluted basis and 11.2% on a partially diluted basis assuming exercise of all warrants. \n\n \n \nThere are no finder's fees or other commissions associated with the transaction. Certain of the Company's insiders may participate in the private placement. The proceeds of the financing will be used to advance the Company's many properties in the Golden Triangle Region of northwestern British Columbia as well as its cobalt properties elsewhere in the province. A portion of the funds will be directed to general working capital and to repay moneys owed to Teuton Resources Corp. \n\n \n \nRespectfully:\n\n \n \n\"Dino Cremonese, P.Eng.\"\n\n \n \nPresident, Silver Grail Resources Ltd..\n\n \n \nFor more information contact Investor Relations at 778-430-5680 or [email protected]. If you would like to be added to Silver Grail's news distribution list, please send your email address to [email protected]. \n\n \n \nThis news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies,...